Ambani setting up family office in Singapore, beginning of ‘Internationalisation’

Reliance Industries chairman and Asia’s second richest business tycoon, Mukesh Ambani, is all set to establish his family office in Singapore, according to the people having the knowledge of the incident. The anonymous sources disclosed that a manager has been entitled to hire staff for the new entity abroad. One of the sources also said […]

Mukesh Ambani
by Simran Singh - October 7, 2022, 12:24 pm

Reliance Industries chairman and Asia’s second richest business tycoon, Mukesh Ambani, is all set to establish his family office in Singapore, according to the people having the knowledge of the incident.

The anonymous sources disclosed that a manager has been entitled to hire staff for the new entity abroad.

One of the sources also said that Amabanis are sure to be sought for real estate.

No official statement has been issued by the spokesperson of Reliance Ltd., who also represents Ambani.

Ambani joins the upvotes of hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin as the most recent ultra-rich individuals to choose Singapore for their family offices, the institutions established to oversee the affairs of wealthy clans. The city’s cheap state taxes and relative security have made it a desirable location for family offices. About 700, up from 400 a year earlier, were reportedly in place by the end of 2021, according to the Monetary Authority of Singapore. However, the growing influx of wealthy foreigners into Singapore is also pushing up the cost of homes, vehicles, and other products. In an August interview, Deputy Prime Minister Lawrence Wong hinted that higher taxes on the wealthiest would be implemented in order to promote equitable growth.

Ambani’s decision to establish the family office fits in with his bigger plan to expand his retail-to-refining business outside of India and buy assets there. The billionaire stated to his shareholders that this signalled “the beginning of internationalisation” of his business while announcing the appointment of Aramco’s chairman to the board of Reliance in 2021. At the time, he had declared, “You will hear more about our foreign aspirations in the times to come.” In April 2021, Reliance acquired Stoke Park Ltd. for $79 million, acquiring a renowned UK location that served as the backdrop for two James Bond movies. In January, it also spent $98.15 million, acquiring an indirect 73.4% share in Mandarin Oriental New York as well as an $80 million beachfront home in Dubai.